Abstract:
We examine the distribution of student loan balances and repayment rates in the United States using administrative student loan data. We show that increases in credit limits and expansions in credit availability resulted in rising borrowing amounts, and that the share of borrowers holding very large balances has surged. For instance, the share of borrowers leaving school with more than $50,000 of federal student debt increased from 2 percent in 1992 to 17 percent in 2014. Consequently, a small share of borrowers now owes the majority of loan dollars in the United States. Although these large-balance borrowers have historically strong labor market outcomes and low rates of default, repayment rates have slowed significantly between 1990 and 2014 reflecting, in part, changes in the characteristics of students, the schools they attended, and the rising amounts borrowed. A decomposition analysis indicates that changes in the types of institutions attended, student demographics, default rates, and increased participation of alternative repayment plans and forbearance largely explain the decrease in student loan repayment.

Abstract:
President Donald Trump has promised to renegotiate the North American Free Trade Agreement (NAFTA), which links the United States with two of its largest trading partners, Canada and Mexico. Officials in both Canada and Mexico have signaled they are open to renegotiations, and talks are expected to begin soon. New commerce secretary Wilbur Ross has indicated he hopes the negotiations could be completed within a year.

Topic:
International Relations, International Trade and Finance, International Security

Abstract:
Donald Trump’s election at a time of growing and converging interests between India and the United States necessitates a re-evaluation of several aspects of Indian domestic and foreign policy. This paper identifies four areas in which Trump’s election affects Indian interests: bilateral relations (encompassing trade, investment, immigration, and technological cooperation), the Asian balance of power, counterterrorism, and global governance. It argues that India must continue to engage with the Trump administration and other stakeholders in the United States—including the U.S. Congress, state governments, and the private sector—in all of these areas. New Delhi must attempt to convince Washington that India’s rise is in American interest. This idea provided the underlying logic behind the Clinton, Bush, and Obama administrations’ engagement with India, but it will be more difficult to sustain given the United States’ new political realities and impulses.

Abstract:
China’s emergence as a global economic power and its fuller integration in the international order are among the principal policy challenges facing Europe and the United States in the early 21st century. At the time of Beijing’s entry into the World Trade Organization (WTO) in 2001, China (though already growing rapidly) was in global terms an economic actor of limited consequence. A decade and a half later, China’s transformation is without parallel in economic history. Over the past 15 years, China has experienced an eightfold increase in GDP, enabling it to serve as the pri- mary engine of global economic growth in the early 21st century. It has leapfrogged from sixth to second place among the world’s economies, trail- ing only the United States in absolute economic size. In addition, China has become the world’s leading trading state and is now the second largest source of outward foreign direct investment.
Change of this magnitude has enhanced China’s political power and eco- nomic leverage. It has also stimulated China’s internal economic evolution, simultaneously expanding the power of state-owned enterprises (SOEs) while also contributing to major growth in the private sector. China has also begun to think bigger, devoting increased attention to the rules of global economic governance. Although Beijing insists it has no intention of supplanting the existing international order, China contends that chang- ing power realities will require modification of global rules.

Topic:
International Cooperation, International Political Economy, Geopolitics

Abstract:
rms control has figured on the agenda between Washington and Moscow since the 1960s. Suc- cessive U.S. administrations since that of Richard Nixon have pursued negotiated arms control arrangements to limit and reduce the number of Soviet (and Russian) nuclear weapons, to enhance strategic stability, to increase transparency and predictability, to reduce the costs of U.S. nuclear forces, and to bolster America’s non-proliferation credentials.
Negotiations on arms control have proceeded in times of both good and difficult relations. At times, progress on arms control has helped drive a more positive over- all relationship between Washington and Moscow. At other times, differences over arms control and related issues have contributed to a downward slide in rela- tions. The next president will take office in January 2017, when the overall U.S.-Russia relationship is at its lowest point since the end of the Cold War.

Topic:
International Relations, Arms Control and Proliferation, Nuclear Weapons, International Security

Abstract:
This report contains a number of bold proposals on how to better manage relations between the West and Russia in order to avert worst-case scenarios. Specifying that cooperative solutions are pos- sible without giving up on the fundamental interests of each side, it warrants a close look by officials in both Moscow and Washington.

Topic:
International Relations, International Cooperation, International Security, International Affairs, Geopolitics